EXPERTS KENYA National Treasury Drafts Strategy to Catch Tax Evaders 1 week ago Samuel Post Views: 84 National Treasury and Economic Planning Ministry in Kenya has crafted a plan that will link the tax systems at the Kenya Revenue Authority(KRA) with data at the Integrated Population Registry, commercial banks, mobile phone companies as well as betting and gaming companies, and other third-party data sources. The idea behind the National Treasury’s plan is to allow a seamless exchange of information for a complete view of the taxpayer’s economic transactions through big data analytics to drive compliance and effectively nab tax evaders. In the draft Medium-Term Revenue Strategy 2024-25 to 2026-26 financial years, the National Treasury has sent invitations for comments from Government Departments and Agencies, the private sector, professional associations, non-governmental organizations, and individuals. National Treasury Public Notice According to a public notice on the National Treasury’s website, the Draft medium-term revenue strategy provides a framework for guiding tax reforms to enhance revenue collection over the medium term and improve the fiscal space to facilitate the Kenya Kwanza administration’s Bottom Up Economic Transformation Agenda. This strategy paper aims to enable Kenya to raise tax revenue to GDP ratio from 13.5% in 2022/23 to 20% by the end of the 2026/27 financial year. It also plans to increase tax compliance, promote investments by removing market distortions as well, and align tax policies with Kenya Kwanza Government priorities. The list of proposals in this draft document, available on the National Treasury’s website, includes a reduction in reduction in corporate income tax from 30.0% to 25.0%, re-introduce minimum turnover tax, a review of VAT threshold, an introduction of VAT on education & insurance services and review excise duty on petroleum products. The strategy paper also intends to relook at the tobacco tax as well as excise duty on alcoholic beverages to base it on alcoholic content, introduce a motor vehicle circulation tax as well and introduce a carbon tax. According to Prof Njuguna Ndung’u National Treasury and Economic Planning Cabinet Secretary, comments on the draft MTRS should be submitted to the Treasury no later than October 6th, 2023. Source: kenyanwallstreet.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Kenya, National Treasury, tax Continue Reading Previous Seven fun and interesting facts about slot machinesNext Expand the war on betting addiction More Stories EXPERTS KENYA Unlocking the power of mobile trading: A financial revolution in Kenya 14 hours ago Samuel EXPERTS SOUTH AFRICA Online gambling addiction is a pandemic in SA, sucking in children and adults 17 hours ago Szarlot EXPERTS SOUTH AFRICA MultiChoice investors kiss R32 billion goodbye 17 hours ago Samuel KENYA ONLINE Xprizo partners with African payments provider M-Pesa 3 days ago Samuel EXPERTS KENYA Flutterwave wants to invest $50 million in Kenya 4 days ago Samuel BETTING KENYA Exploring OdiBets: A Game-Changer In Kenyan Sports Betting 4 days ago Samuel EXPERTS HOT NEWS KENYA GamStop and Responsible Gambling in Africa 4 days ago Szarlot BETTING KENYA Expand the war on betting addiction 7 days ago Samuel CASINO EXPERTS Seven fun and interesting facts about slot machines 1 week ago Iwo Bulski EXPERTS ZAMBIA Crypto-Powered Cross-Border Payments in Africa 2 weeks ago Szarlot EXPERTS NIGERIA Nigeria is losing out on Blockchain Regulations 2 weeks ago Samuel BETTING KENYA Why Cofek wants speed dial feature used by betting companies banned 2 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.